US venture costs Tesco £1.2 billion

Supermarket giant Tesco has revealed a £1.2 billion hit from its failed foray in America, as annual profits more than halved after a difficult year.

The group confirmed plans to pull its Fresh & Easy business in the US and reported its first fall in full-year group profits for two decades, down 52% to £1.96 billion after a series of hefty property write-downs and slowing sales growth.

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